In 2010 Dan Botsch and Leon Pearson came together and created the Nebraska Figure 8 and Derby Hall of Fame to recognize those people who have had a positive impact on the sport of Figure 8 and/or Derby.

Each year nominees are accepted in the month of December with voting for the new class taking part in January and February. New inductees are inducted into the Hall of Fame each year in March at the Figure 8 and Derby Party held in Osceola. Each year up to 6 new inductees will be inducted into the Hall of Fame, up to 4 Derby Drivers, up to 1 Figure 8 Drivers, and up to 1 Promoter/Official/Supporter of the Sport.

Any past or current drivers can be nominated as long as they were residents to the state of Nebraska.

The purpose of the Nebraska Figure 8 and Derby Hall of Fame is to perpetuate the memory of these individuals who have brought lasting fame to the state of Nebraska through their efforts in Figure 8 and Demolition Derby.